South Korea’s World’s-Lowest Fertility Rate Drops to New Record, Again | TIMETIME LogoSign Up for Our Entertainment NewsletterSubscribeSubscribeSectionsHomeU.S.PoliticsWorldHealthClimateFuture of Work by CharterBusinessTechEntertainmentIdeasScienceHistorySportsMagazineTIME 2030Next Generation LeadersTIME100 Leadership SeriesTIME StudiosVideoTIME100 TalksTIMEPiecesThe TIME VaultTIME for HealthTIME for KidsTIME EdgeTIME CO2Red Border: Branded Content by TIMECouponsPersonal Finance by TIME StampedShopping by TIME StampedJoin UsNewslettersSubscribeGive a GiftShop the TIME StoreTIME Cover StoreCustomer CareUS & CanadaGlobal Help CenterReach OutCareersPress RoomContact the EditorsMedia KitReprints and PermissionsMoreAbout UsPrivacy PolicyYour Privacy RightsTerms of UseModern Slavery StatementSite MapConnect with UsPresented ByWorldSouth KoreaSouth Korea’s World’s-Lowest Fertility Rate Drops to New Record, AgainSouth Korea’s World’s-Lowest Fertility Rate Drops to New Record, Again5 minute readGetty ImagesBy Sam Kim / BloombergUpdated: February 28, 2024 1:55 AM EST | Originally published: February 27, 2024 11:35 PM ESTSouth Korea set a fresh record for the world’s lowest fertility rate as the impact of the nation’s aging demographics looms large for its medical system, social welfare provision and economic growth.The number of babies expected per woman in a lifetime fell to 0.72 last year from 0.78 in 2022, according to data released Wednesday by South Korea’s national statistics office. The number of births also slid by 7.7% to 230,000, setting a new low for comparable data in a nation of about 50 million people.Read More: The Low-Fertility Trap: Why Some Countries May Have to Accept the New NormalThe lack of babies is speeding up the aging of South Korean society, generating concerns about the growing fiscal burden of public pensions and health care.“From medical services to welfare, demand for spending will increase while fewer taxes will be collected as the number of young people decreases,” said Shin Seung-keun, a professor of fiscal policy at Tech University of Korea.President Yoon Suk Yeol has run into difficulties as he tries to take action in response to the demographic challenges the nation is facing.Yoon’s government is seeking to boost the number of medical students in a country that has one of the most acute shortages of doctors in the developed world, according to figures from the Organisation for Economic Co-operation and Development.Thousands of trainee doctors have handed in their resignations and walked out in protest, saying the plan doesn’t address key issues with their working conditions. That’s resulted in a standoff threatening lives ahead of parliamentary elections in April.Read More: South Korea Hits Back at Striking Doctors With Criminal Complaint Against 5 Alleged LeadersDoctors are pointing to the low number of births as a reason the government should scrap its plan to raise medical school intakes by about two-thirds.Beyond the strains on the medical system, low fertility is also threatening South Korea’s economic prosperity and dynamism in the long term by shrinking its workforce and slowing consumption.Bank of Korea Governor Rhee Chang-yong has said that the low proportion of births is already starting to weigh on growth potential, while warning against Japan-style fiscal and monetary stimulus to combat the challenges of an aging economy.Fewer babies also mean fewer South Korean soldiers, casting a long shadow over national security in a country that faces the threat of provocations from North Korean leader Kim Jong Un’s 1.2 million-strong army.Read More: South Korea Muses a New Military Exemption: Serve Your Country By Having More KidsTech University of Korea’s Shin warned against following Japan’s example of focusing on the needs of seniors. He described South Korea’s neighbor as a “silver democracy.”“Politicians will naturally lean toward older people that are bigger in numbers, concentrating support on them and shattering a virtuous economic cycle that invests more in the education of next generations for greater productivity,” he said.Japanese government data released this week showed the number of babies sliding to a new record low last year. Policymakers in both countries have yet to find effective measures for turning around population decline without resorting to more pro-active immigration policies.Diverse factors are blamed for the reluctance among South Koreans to have kids. They range from skyhigh housing costs to the expensive and highly competitive environment for children’s education. Increasing gender tensions are another reason regularly highlighted.In 2022 marriages fell to a new low. While some 192,500 couples tied the knot, that was down 42% from decade earlier, according to Statistics Korea.When couples do get married, they fear unfavorable consequences if they take time off work to look after their children. South Korea has the smallest share of parents going on leave for children in the developed world, according to a Korea National Assembly Research Service study.Read More: South Korea’s Infanticide Problem Highlights Wider Population StrugglesWomen also find it hard to maintain job security and wages after coming back from childcare. South Korea has the highest share of late-middle-aged women with temporary jobs in the OECD, a factor that feeds into the worst gender wage gap in the developed world.The challenge of declining populations isn’t unique to South Korea. Aging is increasing the fiscal burden in other developed countries, spurring concerns over long-term debt sustainability, reducing spending on infrastructure and eventually hurting the quality of life.A separate report by the U.N. Population Fund showed South Korea ranked second lowest at 0.9 in fertility, just after Hong Kong at 0.8. The U.N. and Statistics Korea use different modeling methods with South Korea basing its figure on actual population statistics rather than projections.Still, among nations with larger populations, South Korea’s population crisis is acute. A Statistics Korea forecast last year projected the population in 2072 would fall to 36.2 million, a 30% decline from the current 51 million.Other moves by the government to address the country’s demographic challenges, include a tripling of monthly allowances for parents of newborns and a reduction of mortgage interest rates. South Korea also plans to ease regulations on hiring foreign nannies to boost the limited options available for childcare.Read More: How South Korea Is Tackling Its Demographic CrisisSeoul mayor Oh Se-hoon is considering a city-sponsored matchmaking program as part of efforts to promote marriages and stem the decline in births. The city posted a fertility rate of 0.55 last year, the lowest among all regions, according to the latest data.The government’s options include raising the retirement age, boosting automation at work and opening the door wider to immigrants, experts say.“From Japan to Europe, aging is getting increasingly common and the key question is how we’ll address shortfalls in the working population able to support economic growth and the transition of industrial structures,” said Shin In-chol, a professor of urban sociology at the University of Seoul.“Ultimately we have to make do with the people we already have or bring in help from elsewhere,” he said.More Must-Reads from TIMEThe New Face of Doctor WhoPutin’s Enemies Are Struggling to UniteWomen Say They Were Pressured Into Long-Term Birth ControlScientists Are Finding Out Just How Toxic Your Stuff IsBoredom Makes Us HumanJohn Mulaney Has What Late Night NeedsThe 100 Most Influential People of 2024Want Weekly Recs on What to Watch, Read, and More? 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